The Athens Riviera has become a focal point in the international real estate market, attracting foreign buyers, Greek expatriates, and domestic investors. Despite a significant price increase in recent years, the Athens Riviera remains more affordable than the French, Spanish, and parts of the Italian Riviera. This price gap is one of the primary reasons international buyers find the Athens Riviera an attractive investment.
According to Corina Saias, Managing Director of Premier Realty Greece, the Athens Riviera’s prime location is a major advantage. It is just 20 minutes from Athens’ city center and 40 minutes from the airport.
The Athens Riviera has gained global recognition, with major international media outlets like The Guardian praising the local beaches and their Blue Flag certifications. This region combines seaside resorts with mountainous terrain, all just ten miles from Athens’ city center.
According to Saias, the demand for luxury properties in the Athens Riviera is driven by British buyers seeking holiday homes, Germans interested in high-end apartments and villas, and significant interest from Chinese, American, and Middle Eastern investors.
Luxury property prices in the French Riviera range from €30,000 to €60,000 per square meter, with some apartments selling for €1 million and large villas exceeding €50 million. The Spanish Riviera offers slightly lower prices, between €15,000 and €45,000 per square meter, while the Italian Riviera generally remains below these levels except for select high-demand locations.
In contrast, luxury properties in the Athens Riviera reach up to €13,000 per square meter for new builds, with average prices between €6,500 and €7,500 per square meter. However, prices increase significantly for high-end villas with unique features and modern infrastructure.
The Athens Riviera has seen steady property value increases, with prices rising by 7.5% in 2023 and 7.9% in 2024. The trend is expected to continue in 2025, though at a slower pace of around 3%.
Additionally, infrastructure in the Athens Riviera is continuously improving, with high-end marinas, luxury restaurants, and hotels enhancing the area’s appeal. Several large-scale projects transforming public spaces with parks and seaside promenades are also being implemented.
In 2024, the Attica Region signed an agreement for the Athens Riviera-Urban Promenade, 22-kilometer pedestrian and bike path crossing six municipalities (Kallithea, Paleo Faliro, Alimos, Elliniko-Argyroupoli, Glyfada, and Vari-Voula-Vouliagmeni). The promenade aims to upgrade urban spaces, attract new economic activities, and create jobs, all while positively impacting the area’s natural environment.
The development of Faliro Bay, the transformation of the Olympic Tae Kwon Do stadium, the privatization of beaches in Vouliagmeni and Varkiza, a €5 million renovation of Flisvos Marina by Lambda Development, and a €32 million investment by the Municipality of Glyfada aimed at connecting the city with the seaside are also underway.
Additionally, Alimos Marina is undergoing a €100 million redevelopment by REDS, which will introduce additional commercial, tourism, and entertainment facilities to enhance its appeal.
Adding to the Athens Riviera’s allure are recently completed high-end hospitality projects like the One & Only Aesthesis resort and Grivalia Hospitality’s beachfront development.
Greek shipping magnate George Prokopiou also acquired a 21-acre plot in the Ellinikon area as part of a €500 million development plan that includes residences, office spaces, and an educational institute offering an international program.
Last but not least, The Ellinikon project, the cornerstone of the Athens Riviera’s transformation, is positioning the region as a premier destination for luxury real estate and sustainable urban living. This new smart green city development has already attracted real estate sales surpassing €967 million by October 2024. The project will also create a 494.2-acre coastal park, one of the largest in the world.
While the Athens Riviera is becoming a hub for luxury living, its transformation will also bring significant benefits to local Greek residents. New parks, public spaces, and improved infrastructure will create a more livable and accessible coastal area. This balance between high-end development and projects open to the public ensures that the Athens Riviera will benefit everyone in the years to come.
